S&P Global Ratings Affirms Bloomfield Township’s AAA Bond Rating; Township Treasurer Exuberant as He Prepares to Leave Office
S&P Global Ratings has once again bestowed its highest rating on Bloomfield Township reaffirming a AAA Bond Rating stating, “Enduring credit strengths that substantiate Bloomfield Charter’s stability at the ‘AAA’ rating include its extremely strong economic base, consistent operating performance that supports its robust reserve and liquidity positions, and its strong management practices.”
The summary of the rating highlights very strong management under S&P’s Financial Management Assessment methodology. Long term financial and capital planning, formalized investing, debt management and reserve policies lead to the rating. “Maintaining our AAA rating is evidence of the Township’s sound fiscal practices and allows us to obtain the best possible interest rates when selling bonds,” said Finance Director Jason Theis. “The savings directly benefit residents of the Township.”
S&P also provided an outlook of “stable”. The outlook is based not only on the Township’s extremely strong economy but also their view of the management team with S&P forecasting, “that the strong management team will adjust accordingly to ensure the maintenance of its very strong financial position over the next two years”.
“I joined the Township Board of Trustees in March of 2009 during the depth of the Great Recession. In the ensuing 15 years, various Administrations, Boards, the employees and residents have strategically, creatively, and diligently worked to regain Bloomfield Township’s financial strength,” said Treasurer Brian Kepes. “In my years as Treasurer, I have been committed to implementing responsible and conservative budget and investment practices while also reducing debt. To see S&P confirm our practices as a municipality with its highest designation is an achievement in which we should all take pride.”
Kepes announced his resignation as Treasurer effective August 31st at the most recent Board of Trustees meeting. “It’s been a privilege to serve the community I love so much. I have no doubt the board will succeed in finding a replacement who will continue to endorse a strong budget and mindset who will work to keep this rating in 2024,” said Kepes.